1
Exhibit 99(b)
POSCO HULS CO., LTD.
Balance Sheets
December 31, 1998 and 1997
(in thousands of U.S. dollars, except share data)
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ASSETS 1998 1997
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Current assets:
Cash and cash equivalents (note 2) $ 60,048 20,217
Marketable securities 1,235 295
Notes and account receivable, less allowance
for doubtful accounts of $81 in 1998
and $147 in 1997 (note 10) 8,003 14,561
Inventories (note 3) 29,178 29,892
Prepaid expenses and other current assets (notes 4 and 10) 4,249 3,713
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Total current assets 102,713 68,678
Investments and other assets (note 6) 13,051 7,795
Fixed assets, less accumulated
depreciation (notes 5, 7 and 8) 134,377 113,437
Debt issuance costs 135 -
Deferred foreign currency translation loss 23,676 44,046
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$ 273,952 233,956
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LIABILITIES AND STOCKHOLDERS' EQUITY
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Current liabilities:
Notes and accounts payable (note 10) 6,932 3,141
Short-term borrowings (note 5) 3,850 8,834
Accounts payable - other (note 10) 4,640 7,083
Current portion of long - term liabilities
(notes 5, 8, 12 and 13) 44,256 39,745
Accrued expenses and other current liabilities 3,379 2,462
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Total current liabilities 63,057 61,265
Retirement and severance benefits (note 11) 7,071 3,873
Bonds issued (note 12) 48,175 -
Long-term debt, less current portion (notes 5 and 13) 65,438 77,981
Long-term obligations under financing leases (note 8) 28,946 39,180
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Total liabilities 212,687 182,299
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Stockholders' equity (notes 10 and 14):
Common stock of $2.95 par value
Authorized - 20,000,000 shares
Issued and outstanding - 17,200,000 shares 112,175 112,175
Appropriated retained earnings (note 14) 16,931 18,403
Unappropriated retained earnings (deficit) (18,619) 11,898
Cumulative translation adjustment (49,222) (90,819)
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Total stockholders' equity 61,265 51,657
Commitments and contingencies (note 16)
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$ 273,952 233,956
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See accompanying notes to financial statements.